Oil production from West Texas’ booming Permian Basin will more than double from 2017 to 2023, soon surpassing the crude oil volumes of every OPEC nation except Saudi Arabia, according to a new report from the research and consulting firm IHS Markit.
Even with pipeline constraints and labor shortages in West Texas and New Mexico, IHS Markit still projects Permian production to surge from 2.5 million barrels a day last year to 5.4 million barrels daily by 2023.
And it’s already well on its way. The Energy Department estimates the Permian already is up to about 3.3 million barrels daily in early June.
“In the past 24 months, production from just this one region — the Permian — has grown far more than any other entire country in world,” said Daniel Yergin, IHS Markit vice chairman. [read more]